If people have more money to spend, they could spend it with you

11:46 PM,
Jan. 20, 2014

Written by

Rhonda
Abrams

If you own a small business, your income depends on people making enough money to buy your goods or services. If you want more of them, one critical step is to increase the federal minimum wage. Adjusting for inflation, the minimum wage is lower than it was in the 1960s, '70s and '80s. The current rate of $7.25 translates to $4.88 in 1996 dollars.

A few months ago, McDonald's issued financial advice for its workers. An employee working two jobs - a total of 60 hours at minimum wage paying a meager and unrealistic $600 for rent and $20 ...